This seems to happen sometimes because of budgeting issues and silos and so on, but it is still penny wise and pound foolish to expect "passionate" folks and not give them the tools to excel, and creates ongoing friction which will definitely not help with attrition/retention.
If I owned my company I would honestly nowadays give every developer an 8-core 128gig workstation or two with 2-3 21:9 35" 1440p screens and 1TB+ of nvme ssd and a $1k+ allowance to get whatever best-of-the-best chair they want to get (say, a steelcase leap or similar)
Even if you spent $10k on each engineer for this (and the above would be less than that) it would be worth it just from the perspective of you want your employees' workspace to get out of the way as much as possible to enable them to be productive and write good quality code.
The output and code quality gains from having a top-of-the-line machine/monitor pay for themselves in spades, but for some reason this never seems to be noticed in any company I have worked for, it can go from "we are a startup, we have no money to waste" all the way to "we are a large company and beholden to our shareholders, we have no money to waste" but the end result is the same, the people who could do with better tools don't get them and gripe (justifiably) about it.